‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInWall Street Enforcement to Get Tougher as SEC’s New Top Cop Gets to Work | US News
“Gurbir enjoys a reputation as being a 20-hour-a-day guy,” said John Carney, who ran the same economic crimes unit from 2002-2005. Tough enforcement is a priority for Democrats who say the Trump administration was soft on Wall Street. Under Trump, the SEC focused much more on smaller-scale fraud instead of big corporations, according to Georgetown […]
2021 Mid-Year Securities Enforcement Update
This mid-year update marks the first six months of the Commission under the Biden administration. Change came swiftly, yet is only just beginning. In this update, we look at the significant developments from the first six months of 2021, and consider what to expect from new leadership at the Commission and the Enforcement Division. In […]
The SEC’s Continued Focus on Cybersecurity Enforcement | Kramer Levin Naftalis & Frankel LLP
On June 14, the Securities and Exchange Commission (SEC) announced a $490,000 settlement with the real estate services provider First American Financial Corporation (First American) for violations of disclosure controls and procedures related to cybersecurity vulnerabilities. Notably, the SEC’s case against First American did not specifically focus on a cyberattack or allege an underlying securities […]
Sen. Warren warns of cryptocurrency risks, presses SEC on oversight authority | Reuters
“While demand for cryptocurrencies and the use of cryptocurrency exchanges have sky-rocketed, the lack of common-sense regulations has left ordinary investors at the mercy of manipulators and fraudsters,” Warren said in a statement. “These regulatory gaps endanger consumers and investors and undermine the safety of our financial markets. The SEC must use its full authority […]
A Bitcoin ETF Would Be Good for Investors and Regulators – Bloomberg
Some might say approving an ETF only further legitimizes an industry that we should be trying to contain. But the traditional approach to financial market regulation is to refrain from such judgments, and instead to require transparency and integrity in markets and let investors make their own decisions. So, if it’s unlikely that Congress will […]
Former Enron Executive: SEC Whistleblower Program Is a Game Changer – WSJ
Sherron Watkins, the Enron Corp. executive who warned management about fraud, said not having confidentiality and protection for whistleblowers can have a cost. Nearly 20 years after the energy company’s collapse, Ms. Watkins, 61 years old, said being labeled a whistleblower has been a challenge to her career ever since. If current whistleblower protections had […]
A Wave of Earnings Restatements Slams a Hot Market – WSJ
More than 540 companies have restated their financial accounts in the past three months, higher than every full year since 2013, to comply with a directive from Washington, new data show. The guidance from the Securities and Exchange Commission hasn’t had a big impact on investors but has helped cause a big slowdown in one […]
Blog: Bill to study and amend Rule 10b5-1 introduced in Senate | Cooley LLP – JDSupra
Last week, in a bipartisan move, Senators Chris Van Hollen and Deb Fischer reintroduced the “Promoting Transparent Standards for Corporate Insiders Act.” According to the press release, the legislation is designed to address concerns that some insiders “may be abusing loopholes in this system, which hurts everyday investors and reduces confidence in the integrity of […]
SEC Investigating Former Chair of Auditing Industry Regulator – WSJ
The Securities and Exchange Commission is investigating whether the recently dismissed chairman of the auditing industry’s oversight board violated any rules in his handling of internal complaints at the regulator, according to people familiar with the matter. The SEC’s enforcement investigation is examining the actions of William Duhnke, who was dismissed from his job as […]
The SEC and Politics – SEC ACTIONS
Regardless of which side is correct, the key point is that the agency is heading toward the kind of gridlock on Capitol Hill and Congress. If that is the case its independence is being compromised; the losers will be the registrants, markets and the public. Transparency and investor protection will be lost in a cloud […]